深潮 TechFlow 消息，7 月 25 日，CryptoQuant创始人Ki Young Ju 发文称，比特币在“鲸鱼囤货时买入，散户入场时卖出”的周期理论已经不再适用。此前的周期中，鲸鱼会将筹码卖给散户，而如今则是老鲸鱼卖给新的长期鲸鱼，机构参与度远超预期，持有者数量已超过交易者。
Ki Young Ju为此前“牛市周期结束”的判断失误致歉，并表示未来将更加谨慎，专注于数据驱动的分析。

<div><p>深潮 TechFlow 消息，7 月 25 日，CryptoQuant创始人Ki Young Ju 发文称，比特币在“鲸鱼囤货时买入，散户入场时卖出”的周期理论已经不再适用。此前的周期中，鲸鱼会将筹码卖给散户，而如今则是老鲸鱼卖给新的长期鲸鱼，机构参与度远超预期，持有者数量已超过交易者。</p><p>Ki Young Ju为此前“牛市周期结束”的判断失误致歉，并表示未来将更加谨慎，专注于数据驱动的分析。</p><div> </div></div>

CryptoQuant 创始人：比特币周期理论已失效

<TechFlow> TechFlow news, on July 25th, CryptoQuant founder Ki Young Ju stated that the previous cycle theory of "buying when whales accumulate and selling when retail investors enter" no longer applies. In previous cycles, whales would sell their tokens to retail investors, but now old whales are selling to new long-term whales, with institutional participation far exceeding expectations, and the number of holders now surpassing traders.

Ki Young Ju apologized for his previous incorrect judgment that the "bull market cycle had ended" and said he will be more cautious in the future, focusing on data-driven analysis.

<div><p>TechFlow news, on July 25, the founder of CryptoQuant, Ki Young Ju, stated that the cycle theory of "buying when whales accumulate and selling when retail investors enter" no longer applies. In previous cycles, whales would sell their chips to retail investors, but now old whales are selling to new long-term whales, with institutional participation far exceeding expectations, and the number of holders already surpassing traders.</p><p>Ki Young Ju apologized for his previous incorrect judgment that the "bull market cycle has ended" and said he will be more cautious in the future, focusing on data-driven analysis.</p><div> </div></div>

CryptoQuant founder: Bitcoin cycle theory is no longer valid

<Odaily> Planet Daily News: CryptoQuant analysts indicate that the current Bitcoin upward cycle is led by institutions and large investors, rather than retail investors. Since the beginning of 2023, retail investors have been continuously selling, while institutional investors have been actively accumulating since the start of 2024. Google Trends data shows low "Bitcoin" search volume, without the retail FOMO phenomenon seen during the 2021 bull market. Analysts believe that the lack of mass retail entry suggests there is still room for market growth, and when retail investors begin to flood in, it may signal the approaching end of this market cycle.

CryptoQuant: Bitcoin's rise is mostly led by institutions, with low retail investor participation

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